Superconductor Technologies (SCON) Misses Q1 EPS by 17c

Superconductor Technologies (NASDAQ: SCON) reported Q1 EPS of ($0.70), $0.17 worse than the analyst estimate of ($0.53).

Jeff Quiram, STI’s president and CEO, stated, “We continued to make progress in the first quarter as we ramp our production capability to meet customer expectations. We still expect to start delivering against orders for our Conductus® high performance magnet wire in the second quarter, with a focus on shipments of 10’s of kilometers later this year. Our superconducting magnet customers have forecasted the need for 1000’s of kilometers of wire starting in the next few years.

“Recently, we announced our project win from the Institute for Plasma Research, India, (IPR) for next generation Tokamak fusion development. This Conductus wire order from the prestigious IPR is another step forward as we continue to see growing interest in high performance superconducting wire optimized for high magnetic field/low temperature applications. Fusion has the promise of delivering environmentally friendly and cost-efficient energy for future generations. We are excited to partner with IPR as they move forward in their fusion development. We also look forward to working with our distribution partner in India, TING Corporation, to expand our customer footprint by providing additional customers with high performance magnet wire that delivers a competitive advantage.”

For earnings history and earnings-related data on Superconductor Technologies (SCON) click here.

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